PLANADVISER - November/December 2022 - 28

practice management / sustainability
cial Synergies, a wealth advisory and institutional consulting
practice, in West Hartford, Connecticut, worked with his
firm's building owner on a new office space as part of a longterm
lease. Among some of the upgrades were lights that will
automatically turn off after a certain amount of time and
energy-efficient smart thermostats.
Adams convinced his landlord to tint the offices' windows,
offsetting the heating effects of the afternoon sun, instead of
installing more air conditioning, which would have increased
Vert's carbon footprint. The landlord agreed, as the window
tinting would reduce strain on the building's heating, ventilating
and air conditioning systems, ultimately saving money.
Another option is to not rent office space at all and operate
remotely. Rupp says Veris decided against opening a fourth
office in Denver, and now it conducts many staff and client
meetings by video conference, still having in-person meetings
occasionally. Renting a co-working space is another
option for in-person meetings when those are necessary.
Beyond Carbon Footprint
The advisers interviewed for this story say having a sustainable
practice does more than cut carbon; it promotes other
positives such as work-life balance; diversity in staffing;
generous employee benefits; a strong, inclusive work
culture; and favorable relationships with clients and the
community. In fact, many of these advisers volunteer their
time or make other donations.
As mentioned previously, having a holistically sustainable
practice attracts like-minded clients; it also is desirable
to younger talent, according to some of the adviser sources.
" Sustainability helps us from a customer marketing
standpoint, and we think it helps us even more from a hiring
and retention standpoint, " Bohlen says.
" There's a lot of research showing that people want to
come and work for companies that embrace these values, "
she continues. " A strong culture leads to lower turnover and
better ideas. " -Debbie Carlson
Help to Create a Net-Zero Practice
C
reating a net-zero practice-
i.e., adding no more greenhouse
gases to the atmosphere
than what you remove-takes more
than reducing paper use or turning off
computers at night. Advisers can join
nonprofit organizations such as Green
America's Green Business Network or
seek to become a Certified B-Corporation
through B Lab. Both organizations
offer
specialized certifications
for financial firms that meet certain
standards for social and environmental
missions and business functions.
According to Cindy Bohlen of
Riverwater Partners, the process for
becoming a B-Corporation was a good
road map. She says the questionnaire
her company filled out touched on
topics such as energy use, water stewardship,
waste recycling, sustainable
investing and workplace diversity.
Sarah Adams, chief sustainability
officer at Vert Asset Management,
suggests advisers start by learning the
different types of emissions. The Environmental
Protection Agency gives
basic definitions for Scope 1, 2 and 3
emissions. Scope 1 are direct carbon
emissions from sources owned by an
organization, such as a car fleet. Scope
2 and 3 are indirect emissions, associated
with,
respectively, purchased
energy for an office and activities such
as commuting or business travel.
The best carbon offset is the emission
never created. Most advisers will
create some emissions, though. One
purchased offset is meant to account
for 1 metric ton of carbon dioxide.
Buying carbon offsets is regarded
as voluntary, Adams says, and the
industry is growing. Still, she warns,
advisers should look critically at any
offsets they are considering, to avoid
being greenwashed: An offer could look
green but its provider use brown practices.
She recommends offsets verified
by a recognized offset project standard
such as Gold Standard, VCS/Verra,
Climate Action Reserve and the American
Carbon Registry.
A few carbon offset providers are
Carbon Fund, Cool Effect and Native
Energy.
Advisers can get an idea of their
environmental impact by using a
carbon calculator, Adams says, noting
that results may differ somewhat
depending upon how each averages
and sums up the data. Organizations
that offer these calculators are:
Greenhouse Gas Protocol. Known
as the GHG Protocol, this organization
established a comprehensive global
standardized framework to measure
greenhouse gas emissions and developed
the Scope 1, 2 and 3 standards.
The organization is the source of information
for all other calculators and has
created its own online tool; however,
Adams says, the interface may be
cumbersome to the average person.
SME Climate Hub. This global
initiative aims to make climate action
mainstream for small- to midsizebusiness
owners. Users create a profile
on the Hub's website. Its calculator
is intended to help businesses set an
emissions reduction target, though,
Adams says, it is comprehensive.
CoolClimate. UC Berkeley's
CoolClimate offers a relatively userfriendly
calculator
for service-based
businesses. CoolClimate seeks to scale
climate-solution adoption through
research, software and programs.
Carbonfund.org. This organization's
relatively easy-to-use tool helps
a business calculate Scope 1, 2 and
3 emissions, and advisers may buy
offsets from Carbonfund after calculating
their emissions. -DC
28 | planadviser.com November-December 2022
http://www.Carbonfund.org http://www.planadviser.com

PLANADVISER - November/December 2022

Table of Contents for the Digital Edition of PLANADVISER - November/December 2022

Built to Last
Cyber Ready
Measure Your Footprint
Determinants of Profitability
Keep a High Profile
Strategic Moves
The Value of a VCOC
Retroactive Compliance Reviews
Sheri Fitts
PLANADVISER - November/December 2022 - Cover1
PLANADVISER - November/December 2022 - Cover2
PLANADVISER - November/December 2022 - 1
PLANADVISER - November/December 2022 - 2
PLANADVISER - November/December 2022 - 3
PLANADVISER - November/December 2022 - 4
PLANADVISER - November/December 2022 - 5
PLANADVISER - November/December 2022 - 6
PLANADVISER - November/December 2022 - 7
PLANADVISER - November/December 2022 - 8
PLANADVISER - November/December 2022 - 9
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PLANADVISER - November/December 2022 - 11
PLANADVISER - November/December 2022 - 12
PLANADVISER - November/December 2022 - 13
PLANADVISER - November/December 2022 - 14
PLANADVISER - November/December 2022 - 15
PLANADVISER - November/December 2022 - Built to Last
PLANADVISER - November/December 2022 - 17
PLANADVISER - November/December 2022 - 18
PLANADVISER - November/December 2022 - 19
PLANADVISER - November/December 2022 - 20
PLANADVISER - November/December 2022 - 21
PLANADVISER - November/December 2022 - Cyber Ready
PLANADVISER - November/December 2022 - 23
PLANADVISER - November/December 2022 - 24
PLANADVISER - November/December 2022 - 25
PLANADVISER - November/December 2022 - Measure Your Footprint
PLANADVISER - November/December 2022 - 27
PLANADVISER - November/December 2022 - 28
PLANADVISER - November/December 2022 - 29
PLANADVISER - November/December 2022 - Determinants of Profitability
PLANADVISER - November/December 2022 - 31
PLANADVISER - November/December 2022 - 32
PLANADVISER - November/December 2022 - 33
PLANADVISER - November/December 2022 - Keep a High Profile
PLANADVISER - November/December 2022 - 35
PLANADVISER - November/December 2022 - Strategic Moves
PLANADVISER - November/December 2022 - 37
PLANADVISER - November/December 2022 - The Value of a VCOC
PLANADVISER - November/December 2022 - Retroactive Compliance Reviews
PLANADVISER - November/December 2022 - Sheri Fitts
PLANADVISER - November/December 2022 - Cover3
PLANADVISER - November/December 2022 - Cover4
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